CLSA Bullish On Titan, Delhivery; Macquarie Lifts Dixon TP; HSBC Initiates Pidilite Buy
A brokerage roundup flags multiple retail-relevant calls: CLSA turns bullish on Titan (TP Rs 5,250-5,260) and Delhivery (upside to Rs 655), Macquarie hikes Dixon Tech TP to Rs 16,000 on the Vivo JV, HSBC initiates a Buy on Pidilite (TP Rs 1,890) and raises Adani Ports TP to Rs 2,200, while Investec downgrades Sheela Foam.
What happened
Brokerage roundup with retail-relevant calls: CLSA bullish on Titan and Delhivery, Macquarie hikes Dixon Tech TP on Vivo JV, HSBC initiates Buy on Pidilite,
Key facts
- Titan TP Rs 5,250-5,260
- Titan stop-loss Rs 4,306
- Dixon TP Rs 16000
- Adani Ports TP Rs 2200
- Delhivery upside Rs 655
- Pidilite TP Rs 1890
Why this matters
Macquarie's Dixon TP hike to Rs 16,000 on the Vivo JV underscores how strategic partnerships re-rate valuations, making JVs and category tie-ups a priority lever for growth.
What to watch
- Titan holding above Rs 4,306 stop-loss and quarterly jewellery/watch guidance
- Dixon Vivo JV execution milestones and PLI clarity
- Festive/wedding season demand prints for discretionary retail
- Gold price volatility impacting Titan margins
- Follow-through institutional buying volumes vs. profit-booking
- Add Titan and Dixon on the momentum tail; watch entry near stop-loss support for Titan
- Treat Pidilite HSBC initiation as accumulation-on-dips given input-cost sensitivity
- Trim Sheela Foam and foam/mattress adjacencies flagged by Investec downgrade
- Position Delhivery as logistics-proxy on retail volume upside